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El modelo de objetivos de inflación y el efecto pass-through en América Latina

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  • Ivan Mendieta Muñoz

    (Escuela de Economía, Universidad de Kent)

Abstract

El modelo de inflation targeting o de objetivos de inflación (MOI) se ha consolidado como el nuevo paradigma de política monetaria (Perrotini Hernández, 2007a) en el mundo de la Banca Central y para las economías de América Latina. Sin embargo, diversos estudios han subrayado que el MOI es particularmente inadecuado en las economías emergentes debido a que soslaya los problemas de inflación estructural, haciendo énfasis sobre la importancia que el efecto pass-through del tipo de cambio a precios internos continúa desempeñando en este modelo. Siguiendo esta idea, el presente trabajo intenta presentar algunos rasgos teóricos y empíricos que pretenden arrojar dudas respecto al éxito atribuido al MOI en lo concerniente a la reducción de la intensidad del efecto pass-through en las economías latinoamericanas. Lo anterior resulta relevante no solamente debido a que el elevado pass-through ha sido uno de los principales problemas que históricamente socavó el crecimiento económico en América Latina, sino también porque una mejor comprensión de este fenómeno posiblemente permitiría aportar nuevos elementos sobre los fenómenos inflacionarios y los procesos de distribución del ingreso en economías de industrialización tardía (Mántey y López, 2010).

Suggested Citation

  • Ivan Mendieta Muñoz, 2013. "El modelo de objetivos de inflación y el efecto pass-through en América Latina," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 15, pages 5-30.
    • Handle: RePEc:ret:ecocri:rec15_01
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    References listed on IDEAS

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